RandolphGB Posted April 3, 2019 Share Posted April 3, 2019 My sister in law is a Thai graduate, 26 years old, with a steady office job (30k+ salary) but she has bad credit. She ran up 350k baht on credit card bills and had to go to court to make a financial arrangement. She has to pay back the creditors a nominal sum of about 1k a month. How likely is it that a Thai bank or mortgage provider would give her a loan to buy a condo? What kind of deposit would she need if they did? If the answer is no, how long after paying back the debt would it be before a bank would consider lending to her again? Obviously, my personal opinion is that she should live within her means and work her ar*e off to pay back the debt while building up a lump sum to buy a place. But I want to know about the reality of her situation and the Thai financial institution's view on her dent and credit score. Do they make loans to Thais with court records of bad debt? Is she screwed and for how long? Any experience people have with this would be interesting. Thanks Link to comment Share on other sites More sharing options...
moontang Posted April 3, 2019 Share Posted April 3, 2019 you can get a credit report for a nominal sum. You can even do it online, if you are a Krungsri customer. 1000 per month won't even pay the interest on 350,000 at 4%. My suggestion would be to buy a townhouse that is a train wreck in a promising location for cash. Teach her the real way to build wealth from the inside out. Link to comment Share on other sites More sharing options...
malt25 Posted April 4, 2019 Share Posted April 4, 2019 Why not ask a bank ? 2 Link to comment Share on other sites More sharing options...
RandolphGB Posted April 4, 2019 Author Share Posted April 4, 2019 2 hours ago, malt25 said: Why not ask a bank ? From experience, it's better to find out myself in detail than rely on Thai people interpreting. 1 1 Link to comment Share on other sites More sharing options...
ThaiBunny Posted April 4, 2019 Share Posted April 4, 2019 She's got a bad credit rating AND a large outstanding loan. She wants to borrow money for a house and secure the loan by way of a mortgage. Is that a fair summary? In other countries the assessment is going to be based in the first instance on the bank's assessment of her ability to repay both amounts after deduction of her living expenses. They'll also look at her credit rating to understand her history of indebtedness and repayments. Repossessing the security (real estate) for non-payment is no trivial matter. If you want an educated guess - not a snowflake's chance in hell. But TIT and they maybe do things differently here 2 Link to comment Share on other sites More sharing options...
sometimewoodworker Posted April 4, 2019 Share Posted April 4, 2019 18 hours ago, RandolphGB said: But I want to know about the reality of her situation and the Thai financial institution's view on her dent and credit score. Do they make loans to Thais with court records of bad debt? Is she screwed and for how long? In all probability she can get a loan 5 years after she has paid off her current debt. 1 Link to comment Share on other sites More sharing options...
marin Posted April 4, 2019 Share Posted April 4, 2019 12 minutes ago, sometimewoodworker said: In all probability she can get a loan 5 years after she has paid off her current debt. At 12,000 baht a year plus interest it will be a heck of a long time.. She will be in her late 50's. 2 Link to comment Share on other sites More sharing options...
fvw53 Posted April 4, 2019 Share Posted April 4, 2019 I understand there is in Thailand central register keeping a record of all people with a bad credit record. When my Thai wife discussed with a finance company about the credit terms to buy car, she told the representative of the finance company that he could check her name in this central register...but this guy said that even doing a check already makes the targeted person suspicious... 1 Link to comment Share on other sites More sharing options...
SammyT Posted April 4, 2019 Share Posted April 4, 2019 If she earns an okay wage, why isn't she paying more off the debt she already owes? I have no idea about her ability to purchase a house and secure a loan, but for mine, she ran up those credit card debts, she should pay them off and that should be her priority. 1 Link to comment Share on other sites More sharing options...
Mansell Posted April 4, 2019 Share Posted April 4, 2019 Her best bet is to have a relative with good credit do a bank loan and she can make payments to the relative.......if they want to do it for her. Ultimately the relative is responsible for the debt. Link to comment Share on other sites More sharing options...
observer90210 Posted April 4, 2019 Share Posted April 4, 2019 No matter what the outcome with the bank, my humble advice would be even if anybody tries to pressure you, don't give her a penny. Or if you must, give her only what you fully expect to loose and never get back. Good Luck. 1 1 Link to comment Share on other sites More sharing options...
Knocker33 Posted April 4, 2019 Share Posted April 4, 2019 She has no chance 1 Link to comment Share on other sites More sharing options...
blackcab Posted April 4, 2019 Share Posted April 4, 2019 An off topic post has been removed. This topic is about credit scoring and mortgage availability in Thailand. It is not about Donald Trump or banks in Germany. Link to comment Share on other sites More sharing options...
sometimewoodworker Posted April 4, 2019 Share Posted April 4, 2019 3 hours ago, marin said: 3 hours ago, sometimewoodworker said: In all probability she can get a loan 5 years after she has paid off her current debt. At 12,000 baht a year plus interest it will be a heck of a long time.. She will be in her late 50's. Then she needs to understand that instead of paying 3.3% of her income and trying to get more debt she should be paying 10% ~ 20%. At her age I already had a mortgage that was costing me about 30% of my income. Alternatively if she is good looking, cleaver, can learn a foreign language, can ignore age and is a good actresses she can try to find a stupid walking ATM.???? 1 Link to comment Share on other sites More sharing options...
kensisaket Posted April 4, 2019 Share Posted April 4, 2019 Although this is not a direct response to your question, reading between the lines it sounds as if you are thinking about; or, someone has already pushed you into getting involved. You are going to be a lot better off staying as far away from that situation as you can. If you don't you'll not only be roped into assuming that previous debt; but, you'll be buying her a house as well. You will not get a dime back from your "investment" either. Fair warning. 2 Link to comment Share on other sites More sharing options...
allen303 Posted April 4, 2019 Share Posted April 4, 2019 Had a brother-in-law/ ex BIL, mechanical engineer, making over a 100,000 a month. Several years ago, not sure how long. He owed a debt of just 30,000 Bath. Refuses to pay, just hard headed. Last year his daughter/my niece was looking at buying a house and asked if he could go on part of the note with her. She got approved for 8 mil, needed 3 mil more after down payment. The bank said no way. As long as that money was owed. Told if he paid maybe in two years, he could look at buying something. Can’t even get a car loan in his name. So I would say she stands no chance. 1 Link to comment Share on other sites More sharing options...
Odysseus123 Posted April 4, 2019 Share Posted April 4, 2019 Good lord... Link to comment Share on other sites More sharing options...
Khaeng Mak Posted April 4, 2019 Share Posted April 4, 2019 Just tell her to get a farang boyfriend. He will clear her debt for her. 1 Link to comment Share on other sites More sharing options...
RandolphGB Posted April 4, 2019 Author Share Posted April 4, 2019 3 hours ago, observer90210 said: No matter what the outcome with the bank, my humble advice would be even if anybody tries to pressure you, don't give her a penny. Or if you must, give her only what you fully expect to loose and never get back. Good Luck. No chance of her getting a penny out of me or having my wife / or myself put our names to a loan for her. I'm guessing the bank would look at it on paper and feel the same. Even without knowing her personality - typical young Thai wanting to spend, spend spend and party like the celebrities on Instagram. 1 Link to comment Share on other sites More sharing options...
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